THE Nf:W YORtiER One reason it is doing so is that Wash- ington is the fastest-growing metropoli- <,: tan area in the country, and is expected to increase its populatIon from two and . a half million at present to nearly four >\'>i- , Þ: million in 1980. Baltimore, no laggard, ranks ninth in the national rate of city growth. Between these two expanding citIes lies Howard County, Maryland. In the past decade, Howard County has doubled its population, and in 1962, when it contained forty-four thousand people, many of whom had come to it seeking the countryside, an adminis- tratIon of county commissioners was elected on a platform of "No New Development." This desire scarcely took account, of course, of the human demand for space and the profit to be got out of providing it. Nor did it reck- on with a mortgage banker in Balti- more named James Rouse, who has since worked out a plan to build a new city for a hundred and ten thou- sand people in Howard County. In any other country, a project of this size has al ways been sponsored by the government; in this country it has never been previously attempted at all. Most of the New Towns being built here and there across America are fancy suburban subdivisions of a more or less traditional sort, for most in- vestors and most builders are naturally conservative, offering what has al- ready proved salable to people seeking space outside the city. But the space shrinks and the city spreads. Rouse decided to acquire some truly open space and, rather than extend an old city, build a new one. He found what he was looking for in Howard County, and, after-rather rapidly-consider- ing such local names as Poverty Dis- cover'd and The Mistake, he con- cluded that the name of a crossroads hamlet would best fil] the bill. The New Town would be called Columbia. Rouse, who made a great deal of money out of providing builders with cash and advice, eventually took some of his own ad vice and started building shopping centers. He now owns nine of them, with an over-all occupancy rate of ninety-eight per cent. He IS an elder of the Baltimore Brown Me- morial Presbyterian Church (and has ad vised it on setting up branches in the suburbs, where much of its con- gregatIon has gone to bve), and has been very active in support of Balti- more's center-city redevelopment. All in all, he has done a good deal of thinking about cities and city life. It has been estimated that the population of the United States, now just under two hundred million, will increase to 51 < . { :->:,-:.- . . . ,.. . " <b-. '" þ#:"'J ,:i-:. : . '<- :- <>> . , 'S-:,.:' . .: :f{ .. . .2 -:.-:-:." '>::, .' ; .; i*>Y;,.. ::: -> ,':., {'" . >.J ; ..... . --.. .. ( .:t .',. . .>, : .,-., ';"Ç,.< . : j . .: <þ", : . .. t:-x- : -t. . t . ; :.:. """" I ";0 >. ..... =-:-0: .. t " .\. ..t '*<0"(.(" . 'r .' ... (--==' . .1"" : i . .. ;/ - ;$. :"'.. " ót :::".---:'/ <.::./: '?,: '.J; ......... .," " '^ ..,.. .. . . '$""'00'. .. - .. . ' . : . :: . , :, , : , :""j. - . ... . - .' - \Ji,: '.. -:' .'!"->' " ',,' . <' , <^ --,. > v'><' . 61 '-:_: >iP':. ," .. {}J o/"""Ifi.\: : ': > ,_:-,- >: .... "", ':. ", .::,,' '(l t{, ,. r 1 N' , . 0 ..... 't'. '.. ',. >' .. - þ. .' "I.., " ; .... ?;:;::... . :::'::"l"r .. . .. .. .... .' '. Z'J ", :: -:.: .: '/ .,.^ ", . . ',; v ;;,,j, ::i' Ii: . },f,' :.:: .::: '::':/..:' .:^ fP"", Don't you believe it. Wall Street isn't a one way street. It never was. It never will be. Stock prices may move up. But stock prices can move down too. And that's worth remembering any time stock prices are making headlines-or new highs. True, we've always believed in the long range future of American business and the long range future of American investment As a matter of fact, since the turn of the century leading averages of common stock prices have shown an average increase of 3 % a year But that still doesn't mean you can buy stocks blind-or speculate indiscriminately in hope of overnight profits Which stocks you buy will always make a big difference; which stocks you should buy in your particular circumstances will always vary widely. If you would like to know what we would suggest in your situation may we invite you to stop in and discuss that problem with one of our Account Executives. And if that's not convenient, please feel free to phone or write us. MERRILL LYNCH. PIERCE. FENNER & SMITH INC MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRIN CIPAL STOCK AND COMMODITY EXCHANGES 70 PINE STREET, NEW YORK, N. Y. 10005